Northern Superior Resources Inc.

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Northern Superior was founded as a diamond exploration Company in 2002, under the name Superior Diamonds Inc. The company’s approach to exploration produced several successful campaigns that lead to the discovery of kimberlite pipes and dykes, with one pipe being diamondiferous. However, the expl...

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Northern Superior Resources Inc.

lockPrivateGroup

Northern Superior was founded as a diamond exploration Company in 2002, under the name Superior Diamonds Inc. The com......

people4 Members       (0)

8020Admin posted a press release Platinum Group Metals Ltd. Reports Third Quarter Results And Provides Waterberg Palladium Project Update in NORTHERN SUPERIOR RESOURCES INC.

Vancouver, British Columbia and Johannesburg, South Africa--(Newsfile Corp. - July 15, 2019) - Platinum Group Metals Ltd. (TSX: PTM) (NYSE American: PLG) ("Platinum Group", "PTM" or the "Company") reports the Company's financial results for the nine months ended May 31, 2019 and provides a summary of recent events and outlook. For details of the condensed consolidated interim financial statements for the nine months ended May 31, 2019 (the "Financial Statements") and Management's Discussion and Analysis for the nine months ended May 31, 2019 please see the Company's filings on SEDAR (www.sedar.com) or on EDGAR (www.sec.gov). Shareholders are encouraged to visit the Company's website at www.platinumgroupmetals.net. Shareholders may receive a hard copy of the complete Financial Statements from the Company free of charge upon request.


All amounts herein are reported in United States dollars ("USD") unless otherwise specified. The Company holds cash in Canadian dollars, United States dollars and South African Rand. Changes in exchange rates may create variances in the cash holdings or results reported.


The Company is focused on completing a Definitive Feasibility Study ("DFS") for the large scale, palladium dominant and bulk mineable Waterberg Project in South Africa (the "Waterberg Project"). A technical committee of Waterberg JV Resources Pty Ltd. ("Waterberg JV Co.") is overseeing the DFS with participation from all partners. A formal Mining Right Application and an Environmental Authorization Application have both been filed and community consultation is ongoing in a positive, respectful climate. Power and water planning for the project is advancing well, including work under a regional water co-operation agreement with the Capricorn Municipality and engineering and permitting work with power utility Eskom. Training for an underground, fully mechanized mining work force, sourced primarily from local communities, is part of the planning for the DFS.


Impala Platinum Holdings Ltd. ("Implats") made a strategic investment of $30.0 million in November 2017 to purchase a 15% stake in the Waterberg Project, from which the Company received $17.2 million for its 8.6% project interest sold. Within 90 days of the completion and approval of the DFS by Waterberg JV Co., Implats may elect to increase its stake to 50.01% by additional share purchases from the Japan Oil, Gas and Metals National Corporation ("JOGMEC") for an amount of $34.8 million and a commitment to spend $130 million for development of the Waterberg Project. Implats will also have a right of first refusal to smelt and refine Waterberg Project concentrate.


Recent Events


On July 15, 2019 Anglo American Platinum Limited ("Anglo Platinum") and the Company launched a new venture through Lion Battery Technologies Inc. ("Lion Battery"), to accelerate the development of next-generation battery technology using platinum and palladium. The possibility of creating additional demand for platinum and palladium in the battery technology space is an exciting development and of strategic importance to both parties.


Lion Battery has entered into an agreement with Florida International University to further advance a research programme that uses platinum and palladium to unlock the potential of Lithium Air and Lithium Sulfur battery chemistries to increase their discharge capacities and cyclability.


Under the agreement with Florida International University, Lion Battery will have exclusive rights to all intellectual property developed and will lead all commercialisation efforts. Lion is also currently reviewing several additional and complementary opportunities focused on developing next-generation battery technology using platinum and palladium. Lion Battery will be jointly funded and is to be a 52% owned subsidiary of Platinum Group with the remaining 48% owned by Anglo Platinum.


On June 28, 2019 the Company closed a non-brokered private placement with Hosken Consolidated Investments Limited ("HCI"), an existing major shareholder of the Company, for gross proceeds of US$1.3 million (the "Private Placement"). In connection with the Private Placement, the Company issued an aggregate of 1,111,111 common shares to Deepkloof Limited, a subsidiary of HCI, at a price of US$1.17 per common share. On a non-diluted basis and after giving effect to the Private Placement, HCI's ownership percentage increased from 20.05% to 22.60% of the Company's issued and outstanding common shares. The Company did not pay any finder's fees in connection with the Private Placement.


On June 20, 2019 HCI exercised certain common share purchase warrants to purchase 80,000 common shares at $1.70 per common share. Following the warrants exercise, HCI beneficially held 6,782,389 common shares of Platinum Group, representing 20.05% of the Company's then issued and outstanding common shares.


At May 31, 2019 common share purchase warrants representing 968,770 shares at a price of $1.70 each had been exercised by holders during the period. Proceeds to the Company totalled $1,646,909. The Company's two largest shareholders exercised approximately 91% of these warrants.


On March 7, 2019, the Company reported the transfer of a 9.755% interest in Waterberg JV Co. to Hanwa Co. Ltd. ("Hanwa") by JOGMEC. Prior to the transfer JOGMEC held a 21.95% interest in the Waterberg Project. Hanwa was the successful bidder in a public tender process for Japanese companies conducted by JOGMEC. Hanwa is a leading Japanese trading company supplying a broad spectrum of products, including steel, non-ferrous metals, metals and alloys, food, petroleum, chemicals, machinery, lumber and many other items, to a diverse range of global customers.


On January 11, 2019, the Company paid $8.0 million to Liberty Metals & Mining Holdings, LLC ("LMM") in partial settlement of a secured loan facility due to LMM. The amount paid represented net proceeds from the sale of 4.52 million common shares of JSE listed Royal Bafokeng Platinum Ltd. received by the Company in April 2018 upon completion of stage two of the sale of the Maseve Mine.


On November 16, 2018, the Company filed a National Instrument 43-101 technical report for an updated independent mineral resource estimate for the Waterberg Project. The report, entitled "Technical Report on the Mineral Resource Update for the Waterberg Project Located in the Bushveld Igneous Complex, South Africa" is dated October 22, 2018 (with the effective date of the mineral resources being September 27, 2018) (the "Waterberg Technical Report") and was prepared by Charles J Muller, B. Sc. (Hons) (Geology), Pr. Sci. Nat., of CJM Consulting (Pty) Ltd. A copy of the Waterberg Technical Report can be found at www.sedar.com, at www.sec.gov and on the Company's website.


On October 25, 2018, the Company published an updated independent mineral resource estimate for the Waterberg Project on a 100% basis, with 6.26 million ounces of platinum, palladium, rhodium and gold (together known as "4E") recognized in the higher confidence Measured category (57.2 million tonnes at 3.40 g/t 4E), 20.078 million 4E ounces recognized in the Indicated category (185.3 million tonnes at 3.37 g/t 4E), and a total of 26.34 million 4E ounces in the combined Measured and Indicated categories (242.5 million tonnes at 3.38 g/t 4E comprised of 63.04% palladium, 29.16% platinum, 6.37% gold and 1.43% rhodium).. The updated resource assessment forms the basis for mine design, scheduling and capital cost estimation as part of the DFS. The Waterberg deposit is dominated by palladium and also contains copper and nickel. Inferred mineral resources are estimated at 7.0 million 4E ounces (66.67 million tonnes at 3.26 g/t 4E). The T zone Measured and Indicated mineral resources increased in grade from 3.88 g/t 4E in 2016 to 4.51 g/t 4E in 2018. All of the preceding was estimated at a 2.5 g/t 4E cut-off grade, which is the preferred scenario for the project. Please refer to the Waterberg Technical Report for additional information regarding the updated mineral resource estimate.


On October 10, 2018, the Company announced that a recent Mining Right Application for the Waterberg Project had been accepted by South Africa's Department of Mineral Resources. The application is supported by the Company and all of the Waterberg Project partners including Implats, JOGMEC and Mnombo Wethu Consultants (Pty) Ltd. The process of consultation under the Mineral and Petroleum Resources Development Act, 2002 and current Environmental Assessment regulations has commenced. Many public meetings have already been completed. Significant feedback from the meetings has been considered in the DFS designs. Local training and employment are key components of the project to maximize the value of the project for all stakeholders.


Results For The Nine Months Ended May 31, 2019


During the nine months ended May 31, 2019 the Company incurred a net loss of $13.1 million (May 31, 2018 - net loss of $37.6 million). The lower loss in the current period is predominantly due to the Maseve Mine closure in the fourth quarter of fiscal 2017, resulting in care and maintenance costs of $14.2 million being recognized in the first nine months of fiscal 2018.


General and administrative expenses in aggregate during the nine-month period were $3.8 million (May 31, 2018 - $4.6 million). Specific items include interest expense of $7.3 million in the current period ($14.9 million May 31, 2018), with the decrease due to less debt outstanding the current period. A foreign exchange loss of $2.1 million was recognized in the current period (May 31, 2018 $3.9 million loss) due to a decrease in the value of the Canadian Dollar. A loss of $0.8 million was recognized on the valuation of embedded derivatives whereas a gain of $2.7 million was recognized in the previous comparable period, due largely to the increase in market value of the Company's shares. The currency translation adjustment recognized in the period is a gain of $2.4 million (May 31, 2018 - $8.3 million gain) due largely to the Rand increasing in value relative to the U.S. Dollar.


At May 31, 2019, finance income consisting of interest earned and property rental fees in the period amounted to $0.3 million (May 31, 2018 - $0.5 million), while a gain on marketable securities of $0.6 million was recognized in the current period (May 31, 2018 - $0.7 million loss). Loss per share for the period amounted to $0.42 as compared to a loss of $2.24 per share for the nine months ended May 31, 2018.


Accounts receivable at May 31, 2019 totalled $0.4 million (August 31, 2018 - $0.9 million) while accounts payable and accrued liabilities amounted to $2.2 million (August 31, 2018 - $3.6 million). Accounts receivable were comprised of mainly of amounts receivable for value added taxes repayable to the Company in South Africa and amounts due from joint venture partners and related parties. Accounts payable at May 31, 2019 related mostly to ongoing work at the Waterberg Project with the decrease as compared to August 31, 2018 being primarily due to settlement of payables related to mine closure costs.


Total expenditures on the Waterberg Project, before partner reimbursements, for the nine-month period were approximately $6.4 million (May 31, 2018 - $5.7 million). At May 31, 2019, $35.9 million in accumulated net costs had been capitalized to the Waterberg Project. Total expenditures by all parties on the property since inception are approximately $67.9 million.


For more information on mineral properties, see Note 4 of the Financial Statements.


Outlook


The Company's key business objective is to advance the Waterberg Project to development. The Waterberg project is dominated by palladium at a time when palladium supply is estimated to be in deficit. Mines with palladium as their primary economic mineral are rare.


Waterberg JV Co. is advancing the Waterberg Project to completion of a DFS. The DFS is being managed by Platinum Group and a technical committee with comprehensive input at all levels from the Waterberg Project partners. Completion and delivery of the DFS to Waterberg JV Co. is expected in the third calendar quarter of 2019. A Mining Right Application and an Environmental Authorization have been filed in South Africa following stakeholder consultations and both applications are being advanced.


Local involvement and personnel training are a key part of the design for a modern, safe, responsible mine operating at world class standards. The DFS team is working with NORCAT, a Sudbury, Canada based global training specialist, to incorporate local skills development into the DFS.


Important detailed infrastructure planning has commenced for the Waterberg Project. Detailed hydrological work indicates there is sufficient ground water resources for the Project and at the same time there is enough water to improve water accessibility to local communities. A co-operation agreement between Waterberg JV Co. and the local Capricorn Municipality for the development of water resources is actively advancing these objectives.


The establishment of servitudes for power line routes and detailed planning and permitting for an Eskom electrical service to the project are also advancing well. Power line environmental and servitude work is being completed by TDxPower in coordination with Eskom. Community consultation regarding power line routes and completion of an environmental impact assessment is in process.


The Waterberg JV Co. team is working very well together with value-add contributions coming from all partners, including senior team members from Implats working with Platinum Group Metals as Manager of the DFS. The mine plan includes large scale, bulk efficient underground mining from decline access with the use of backfill. The use of backfill will allow higher extraction ratios that had been projected in a pre-feasibility study for the Project, which modelled an open stoping mine method. The use of backfill will also reduce the required tailings impoundment area, costs and footprint. Stantec Consulting International LLC, an experienced global, bulk underground mine designer is completing the estimate of mineral reserves and the mine schedule for the DFS. DRA Project SA (Proprietary) Limited is completing the metallurgical design and overall capital cost estimate. We look forward to the finalization of the DFS.


A peer review of the DFS, excluding geology, by engineering firm SRK Consulting, is planned to commence in mid-July 2019. A review of the Waterberg Project geology and a resource estimate filed on SEDAR in October 2018 were previously the subject of a peer review by engineering firm Amec Foster Wheeler.


Within 90 days of the completion and approval of the DFS by Waterberg JV Co., Implats may elect to increase its Waterberg Project stake to 50.01% by additional share purchases from JOGMEC for an amount of $34.8 million and a commitment to spend $130 million for development of the Waterberg Project.


The Company believes that its investment in Lion Battery, co-founded with Anglo Platinum, represents an exciting opportunity in the high-profile lithium battery research and innovation field. The Company believes that its investment in Lion Battery creates a potential vertical integration with a broader industrial market development strategy to bring new technologies to market which use platinum and palladium.


In the near term, the Company's liquidity will be constrained until financing has been obtained to repay and discharge remaining amounts of secured debt and for working capital purposes. The Company remains focussed on completing the Waterberg DFS. The Company is currently discussing opportunities with several finance groups regarding the settlement or refinancing of a secured loan facility due to LMM as well as the Company's working capital requirements. The Company will continue to work closely with its major shareholders and lenders. The Company continues to actively assess corporate and strategic alternatives with advisor BMO Capital Markets.


Qualified Person


R. Michael Jones, P.Eng., the Company's President, Chief Executive Officer and a shareholder of the Company, is a non-independent qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects and is responsible for preparing the technical information contained in this news release. He has verified the data by reviewing the detailed information of the geological and engineering staff and independent qualified person reports as well as visiting the Waterberg Project site regularly.


About Platinum Group Metals Ltd.


Platinum Group Metals Ltd. is the operator of the Waterberg Project, a bulk underground palladium and platinum deposit located in South Africa. Platinum Group is listed on the NYSE American Exchange (PLG:NYSE.A) and the Toronto Stock Exchange (PTM:TSX). Waterberg was discovered by Platinum Group and is being jointly developed with Implats, the Japan Oil, Gas and Metals National Corporation (JOGMEC) and Hanwa Co. Ltd. Waterberg has the potential to be a large-scale, low-cost producer of palladium, platinum, rhodium and gold. The Company recently founded Lion Battery Technologies in partnership with Anglo American Platinum to support the use of palladium and platinum in lithium battery applications.


On behalf of the Board of
Platinum Group Metals Ltd.


Frank R. Hallam
CFO, Corporate Secretary and Director


For further information contact:
R. Michael Jones, President
or Kris Begic, VP, Corporate Development
Platinum Group Metals Ltd., Vancouver
Tel: (604) 899-5450 / Toll Free: (866) 899-5450
www.platinumgroupmetals.net


Disclosure


The Toronto Stock Exchange and the NYSE American have not reviewed and do not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.


This press release contains forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of U.S. securities laws (collectively "forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding the completion of a DFS by within the third calendar quarter of 2019; Waterberg Project's potential to be a bulk mineable, low cost, dominantly palladium mine producing platinum and palladium based on a fully mechanized mine plan; the potential for the Company to obtain financing to repay and discharge remaining amounts of secured debt and for working capital purposes; new business opportunities, including but not limited to, the Company's investment in Lion Battery; and corporate and strategic alternatives. Mineral resource and reserve estimates are also forward-looking statements because such estimates involve estimates of mineralization that may be encountered in the future if a production decision is made, as well as estimates of future costs and values. Although the Company believes the forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance and that actual results may differ materially from those in forward-looking statements as a result of various factors, including the Company's inability to generate sufficient cash flow or raise sufficient additional capital to make payment on its indebtedness, and to comply with the terms of such indebtedness; additional financing requirements; the Company's credit facility (the "LMM Facility") with Liberty Metals & Mining Holdings, LLC ("LMM") is, and any new indebtedness may be, secured and the Company has pledged its shares of Platinum Group Metals (RSA) Proprietary Limited ("PTM RSA"), and PTM RSA has pledged its shares of Waterberg JV Resources (Pty) Limited ("Waterberg JV Co.") to Liberty Metals & Mining Holdings, LLC, a subsidiary of LMM, under the LMM Facility, which potentially could result in the loss of the Company's interest in PTM RSA and the Waterberg Project in the event of a default under the LMM Facility or any new secured indebtedness; the Company's history of losses and negative cash flow; the Company's ability to continue as a going concern; the Company's properties may not be brought into a state of commercial production; uncertainty of estimated production, development plans and cost estimates for the Waterberg Project; discrepancies between actual and estimated mineral reserves and mineral resources, between actual and estimated development and operating costs, between actual and estimated metallurgical recoveries and between estimated and actual production; fluctuations in the relative values of the U.S. Dollar, the Rand and the Canadian Dollar; volatility in metals prices; the failure of the Company or the other shareholders to fund their pro rata share of funding obligations for the Waterberg Project; any disputes or disagreements with the other shareholders of Waterberg JV Co., Mnombo Wethu Consultants (Pty) Ltd. or Maseve; completion of a DFS for the Waterberg Project is subject to economic analysis requirements; the ability of the Company to retain its key management employees and skilled and experienced personnel; conflicts of interest; litigation or other administrative proceedings brought against the Company; actual or alleged breaches of governance processes or instances of fraud, bribery or corruption; the Company may become subject to the U.S. Investment Company Act; exploration, development and mining risks and the inherently dangerous nature of the mining industry, and the risk of inadequate insurance or inability to obtain insurance to cover these risks and other risks and uncertainties; property and mineral title risks including defective title to mineral claims or property; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada and South Africa; equipment shortages and the ability of the Company to acquire necessary access rights and infrastructure for its mineral properties; environmental regulations and the ability to obtain and maintain necessary permits, including environmental authorizations and water use licences; extreme competition in the mineral exploration industry; delays in obtaining, or a failure to obtain, permits necessary for current or future operations or failures to comply with the terms of such permits; risks of doing business in South Africa, including but not limited to, labour, economic and political instability and potential changes to and failures to comply with legislation; the Company's common shares may be delisted from the NYSE American or the TSX if it cannot maintain or regain compliance with the applicable listing requirements; and other risk factors described in the Company's most recent Form 20-F annual report, annual information form and other filings with the SEC and Canadian securities regulators, which may be viewed at www.sec.gov and www.sedar.com, respectively. Proposed changes in the mineral law in South Africa if implemented as proposed would have a material adverse effect on the Company's business and potential interest in projects. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward- looking statement, whether as a result of new information, future events or results or otherwise.


Estimates of mineralization and other technical information included herein have been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The definitions of proven and probable reserves used in NI 43-101 differ from the definitions in SEC Industry Guide 7. Under SEC Industry Guide 7 standards, a "final" or "bankable" feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. As a result, the reserves reported by the Company in accordance with NI 43-101 may not qualify as "reserves" under SEC Industry Guide 7. In addition, the terms "mineral resource" and "measured mineral resource" are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and historically have not been permitted to be used in reports and registration statements filed with the SEC pursuant to SEC Industry Guide 7. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. Accordingly, descriptions of the Company's mineral deposits in this press release may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of SEC Industry Guide 7.



To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46290

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8020Admin

8 days

8020Admin posted a press release Northern Superior Initiates Prioritization of Gold-Bearing Shear Systems, TPK Mineral Property, Northwestern Ontario in NORTHERN SUPERIOR RESOURCES INC.

SUDBURY, ON / ACCESSWIRE / July 9, 2019 / Northern Superior Resources Inc. (“Northern Superior” or the “Company”) (TSXV: SUP; OCTQB: NSUPF), is pleased to report that it has initiated the process of evaluating and prioritizing the eight gold-bearing shear systems recently discovered within the Big Dam area of the TPK property from the winter 2019 core drill program (see Northern Superior press release, May 15, 2019). The purpose of this exercise is to establish which shear zone(s) presents the best opportunity for discovery of an economic deposit of gold in the shortest time frame possible.


Dr. T.F. Morris, President and CEO of Northern Superior, states: “Northern Superior is actively evaluating the geology of both the Annex and Big Dam areas of the TPK property. The observations reported in this press release represent an important step forward, following the 2019 winter drill program, to ensure that going forward, we have a more focussed program establishing which shear zone represents the best opportunity for discovering an economic deposit of gold in a timely manner.”


Key Findings:


1) The discovery of the eight gold-bearing shear systems during the 2019 core drill program confirms the hypothesis of there being multiple, locally derived bedrock sources contributing to and recharging the mineralized boulder and till gold dispersal aprons observed within the Big Dam area of the TPK property (see Northern Superior press release, February 27, 2018).


Results of initial exploration completed on the TPK property in 2010 indicated that gold grain anomalies of this scale are amalgamated responses from a cluster of gold zones. They normally indicate a large gold system or district rather than a single gold zone. The Company made this statement on June 21, 2010.


2) Boulders exceeding 10 g/t gold (“Au”) (not counting quartz vein and strongly altered/sheared boulders) tend to be sourced from the main zone of the Freure Lake Batholith (“FLB”) (up to 94.2 g/t Au) and the more fractionated contact stock portions (up to 10.3 g/t Au). Petrographic work in 2017 classified the rocks as magnetite-bearing monzogranite and syenogranite respectively (see Northern Superior internal report, 2017).


Those shear zones associated with these areas of the FLB may be the more attractive shear zones to pursue at this time (see Figure 1 below).


The remaining lithologies sampled (basalt, andesite, diorite) are considered lower priority host rocks, returning assay values <1 g/t Au.


3) Transport distance of boulders can be determined from tying the geochemistry of boulders to bedrock determined from drill core geochemistry. For example, transport distance of contact stock syenogranite boulders are approximately 100m down-ice of the bedrock contact between the main zone monzogranites of the FLB and the syenogranite.


Understanding transport distance of boulders from source is critical in determining point source(s) for the boulders.


4) Some of the gold-bearing boulder trains have not yet been tied to bedrock sources. Based on the geochemistry of these boulders and existing geophysics datasets, there are is great potential to discover additional gold-bearing shear/alteration zones within the Big Dam area.


Figure 1. Preliminary interpretation of higher vs. lower priority, recently discovered shear/alteration Zones, Big Dam area, TPK property.



The TPK Property


This gold-silver-copper property, located in northwestern Ontario, contains two large independent mineralized systems. The first gold-bearing area is contained within the Big Dam and New Growth areas of the property and is a laterally extensive mineralized shear system stretching 35 kilometres (“km”) across the southern portion of the property. One of North America’s largest gold grain-in-till dispersal aprons extends from this area.


The second gold-bearing system is contained within the Annex area of the property. This system is defined by a gold grain-in-till dispersal corridor. Mineralized boulders collected from within this corridor returned assay values of up to 727 g/t gold, 111 g/t silver, 4.1% copper (see Northern Superior Resources press release, June 25, 2012); and drill results returned grades of up to 4.62 g/t gold over 5.5 metres (“m”) (see Northern Superior Resources press releases, June 25 and 26, 2012).


Exploration Highlights, Big Dam Area:



  1. Discovery and definition of the gold grain-in-till dispersal apron: defined as 6 km wide by 11.5 km long, with gold grain-in-till anomalies up to 1263 grains per 10 kilogram till sample (see Northern Superior Resources press release, May 15, 2019).

  2. Discovery of several gold-bearing boulder dispersal trains returning gold assay values of up to 94.21 g/t Au;

  3. Discovery of significant gold-bearing mineralization: example from the Target 3 area, coarse-grained visible gold in core hole TPK-10-004, returned an assay value of 25.9 g/t Au over 13.5 m (see Northern Superior Resources press release, February 27, 2018); and

  4. Discovery of eight gold-bearing shear/alteration zones within the Big Dam area of the TPK property, hosting up to 20 m-wide intervals of anomalous gold values within envelopes of alteration and/or shearing within the FLB. Each of these structures is capable of hosting economically viable gold mineralization along strike or at depth (see Northern Superior Resources press release, May 15, 2019).


Agreements


Northern Superior owns 100% of the TPK property. Pursuant to an option/joint venture agreement entered into with Yamana Gold Inc. (“Yamana”), the project is operated by Northern Superior. Completion of this core drill program puts Yamana on track to complete the first-year commitment of this option-joint venture agreement (see Northern Superior Resources press release, November 26, 2018).


Northern Superior works with Neskantaga First Nation through an Early Exploration Benefits Agreement to ensure beneficial engagement for all stakeholders through the early exploration phases completed on the TPK property.


Qualified Person


Jonathan O’Callaghan P.Geo., is a qualified person (“QP”) within the meaning of National Instrument 43-101. As the QP for the TPK property, Mr. O’Callaghan has reviewed, and approved information disclosed in this press release.


About Northern Superior Resources Inc.


Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX Venture Exchange under the symbol SUP, and the OTCQB Venture Market under the symbol NSUPF. The Company is currently focused on initiating and executing core drill programs on its 100% owned TPK (northwestern Ontario) and Lac Surprise (Québec) properties. Northern Superior is currently looking to option out its other 100% owned mineral properties in Québec and northwestern Ontario.


For further information please visit the Company’s website at www.nsuperior.com or contact:


Thomas F. Morris P.Geo., PhD., FGAC
President and CEO
Tel: (705) 525 ‐0992
Fax: (705) 525 ‐7701
e‐mail: info@nsuperior.com


Cautionary Note Regarding Forward-Looking Statements


This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


SOURCE: Northern Superior Resources Inc.


View source version on accesswire.com:
https://www.accesswire.com/551202/Northern-Superior-Initiates-Prioritization-of-Gold-Bearing-Shear-Systems-TPK-Mineral-Property-Northwestern-Ontario

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8020Admin

1 month

8020Admin posted a press release Northern Superior Initiates Drone-Supported Magnetic Survey, Lac Surprise Property, Québec in NORTHERN SUPERIOR RESOURCES INC.


SUDBURY, ONTARIO / ACCESSWIRE / June 10, 2019 / Northern Superior Resources Inc. ("Northern Superior" or the "Company") (TSXV: SUP; OCTQB: NSUPF), is pleased to announce that it has initiated a drone supported, airborne magnetic survey over its 100% owned Lac Surprise property, Québec. This survey will consist of two panels covering the northern and southern parts of the property (see Figure 1). Resulting airborne magnetic data will assist in defining core drill targets over much of the property, however, the focus will be on the northern part of the property where:


1) Gold grain and gold geochemical-in-till dispersal trains are defined (see Northern Superior Resources press release, January 27, 2014);


2) Gold showings discovered, with grab samples collected from the Black Phoenix gold showing assaying as high as 19.9 g/t gold (see Northern Superior Resources press release, February 6, 2019); and


3) IAMGOLD Corporation ("IAMGOLD") reporting excellent gold assay results (2019 Q1 and Q2 core drill program) from its neighboring Nelligan property (see IAMGOLD press release, May 30, 2019), tied to the northeast side of the Lac Surprise property.


Dr. T.F. Morris, President and CEO of Northern Superior states: "The gold grain and gold geochemical-in-till dispersal trains, the Black Phoenix and Fox gold showings (all located within the northeastern side of the Lac Superior property), occur directly west of the IAMGOLD Nelligan gold deposit. In fact, the gold trains and showings discovered on Lac Surprise are all associated with lithologies from which the gold assays being reported from Nelligan are deposited. Those lithologies extend west onto the northwest, then across the northern part of the Lac Surprise property (see Northern Superior Resources press release, February 6, 2019).


Data derived from this year's geophysical program will be coupled with the Company's existing geoscientific data base. We believe that high priority core drill targets will be generated from both the north and south parts of the property. However, the Company will focus on those targets generated within the northern part of the property with the intent of drilling those targets later in the second half of 2019. The purpose of this program and the core drill program is to demonstrate the westward extension of the gold-bearing system defined at Nelligan, onto and across the northwestern and northern parts of the Lac Surprise property."


Lac Surprise Property


The Lac Surprise property is 100% owned by Northern Superior. This property is strategically situated within a very active part of the Chapais-Chibougamau exploration camp. This point is emphasized by IAMGOLD's disclosed core drilling results from their Nelligan gold JV project (Figure 2; see IAMGOLD press release, May 30, 2019). The Nelligan property adjoins the northeastern side of Northern Superior's Lac Surprise property. Several showings and gold-bearing structures have already been defined on the property (Figure 3; see Northern Superior press release, February 6, 2019).


Figure 1. Location of Northern Superior's planned Lac Surprise 2019 drone-supported aerial magnetic survey.



Figure 2. Location of the Lac Surprise property relative to the Nelligan gold property. Gold grain and gold geochemical dispersal trains, location of the Black Phoenix and Fox showings also illustrated.



Figure 3. Location, various showings, Lac Surprise property.



Qualified Person


Jonathan O'Callaghan P.Geo., is a qualified person ("QP") within the meaning of National Instrument 43-101 for the Lac Surprise property. Mr. O'Callaghan has reviewed and approved the information disclosed in this press release.


About Northern Superior Resources Inc.


Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX Venture Exchange under the symbol SUP, and the OTCQB Venture Market under the symbol NSUPF. The Company is currently focused on initiating and executing core drill programs on its 100% owned TPK (northwestern Ontario) and Lac Surprise (Québec) properties. Northern Superior is currently looking to option out its other 100% owned mineral properties in Québec and northwestern Ontario.


For further information please visit the Company's website at www.nsuperior.com or contact:


Thomas F. Morris P.Geo., PhD., FGAC


President and CEO


Tel: (705) 525 ‐0992


Fax: (705) 525 ‐7701


e‐mail: info@nsuperior.com


Cautionary Note Regarding Forward-Looking Statements


This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


SOURCE: Northern Superior Resources Inc.


View source version on accesswire.com:
https://www.accesswire.com/548182/Northern-Superior-Initiates-Drone-Supported-Magnetic-SurveyLac-Surprise-Property-Qubec

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8020Admin

2 months

8020Admin posted a press release Northern Superior Discovers Gold-Bearing Structures, Meets Mandate of Winter Drill Program, TPK Mineral Property, Northwestern Ontario in NORTHERN SUPERIOR RESOURCES INC.

SUDBURY, ON / ACCESSWIRE / May 15, 2019 / Northern Superior Resources Inc. ("Northern Superior" or the "Company") (TSXV: SUP; OCTQB: NSUPF), is pleased to report the discovery of eight gold-bearing structures and alteration zones, meeting the mandate of this specifically designed program. These discoveries represent a critical and important advance in defining bedrock-hosted high-grade gold mineralization, necessary to yield the unique world class gold grain-in-till dispersal apron and high-grade boulders defined and recovered within the Big Dam area of the Ti-pa-haa-kaa-ning (TPK) property.


Highlights to Date



  • Discovery of eight gold-bearing structures and alteration zones ("structures") and one inferred alkali complex plug (Figure 1; Table 1):



    • Identified from 15 drill holes or 3,228 metres ("m") of drilling;

    • Completed under budget; and

    • Within the confines of the Big Dam area (excluding one hole in the New Growth area), representing an area of over eight square kilometres ("km").





  • Appreciation of the size of these structures, having the potential to host economic deposits of gold:



    • Elevated gold values in widths of up to 20m;

    • Mineralized alteration envelops, widths up to 30m; and

    • Strike length of up to 2 km, defined by tying mineralized structure to geophysical signature; and





  • Defining structure location and orientation:



    • May explain why the high-grade intersection of 25.9 g/t Au over 13.5m reported in 2011 (see Northern Superior Resources press release, February 27, 2018) could not be repeated; and

    • Provides the required focus necessary to tie the highly anomalous gold grain-in-till values (up to 1263 per 10 kilogram ("kg") till sample) and high-grade boulders (up to 94.21 g/t Au) to point sources within these structures.




Dr. T.F. Morris, President and CEO of Northern Superior, states: "To be clear, the drill core assays reported here do not reflect the anomalous gold grain-in-till values or the high-grade gold boulder assays previously reported for the Big Dam area. It is very important to put into context the size of this core program relative to the target area. With only 15 core drill holes (diameter of each only 5 centimetres ("cm") completed, it is impressive that eight gold-bearing structures and associated alteration zones were intersected in an area of over eight square kilometres. The mandate of this program has been clearly met: to define a regional-scale, bedrock hosted mineralized system(s) capable of hosting economic concentration of gold as indicated by the unique regional scale gold signature observed within the overburden associated with the Big Dam area of the property."


Morris further states: "The results of this program provide an important opportunity to focus the next phase of drilling along the most prospective structure, defined from further analysis of the results. The purpose of that drill program, on this part of the property, will be to identify and define one or more of the gold-bearing zones responsible for yielding the anomalously high gold grain values and high-grade gold-bearing boulders recovered from the surface environment."


As such, Northern Superior will now focus its efforts on:



  1. Prioritizing and defining the most prospective gold-bearing structure(s) discovered from this program and defining the most prospective target(s) within the prioritized structure(s) for high grade gold;

  2. Preparing the next phase core drill program for the Big Dam area; and

  3. Preparing a drill program for the Annex area of the property.


Description, Gold-bearing Structures and Alteration Zones


The alteration zones comprise intervals of de-magnetized monzogranite hosting biotite-carbonate alteration and veining with disseminated pyrite-pyrrhotite. These alteration zones envelope thinner intervals of biotite-carbonate shearing that host disseminated to network-textured pyrrhotite-chalcopyrite-pyrite and rare quartz-carbonate-muscovite veins that host coarse pyrrhotite and chalcopyrite. These alteration zones host relatively consistent, albeit low, gold values across the interval.


Subsequent sporadic sericite shear zones cross cut the biotite carbonate alteration and host disseminated arsenopyrite and pyrite. The elevated gold values encountered in the 2019 drill program tend to be associated with these later arsenopyrite-bearing sericitized shears zones.


Figure 1. Proposed location of structures and alteration zones intersected by the 2019 core drill program. Lateral extension of these features is interpreted from a combination of airborne magnetics and ground IP geophysical data.



Table 1. Summary of gold assay highlights from the 2019 drill hole program.



The TPK Property


This gold-silver-copper property, located in northwestern Ontario, contains two large independent mineralized systems. The first gold-bearing area is contained within the Big Dam and New Growth areas of the property and is a laterally extensive mineralized shear system stretching 35km across the southern portion of the property. One of North America's largest gold grain-in-till dispersal aprons extends from this area. Gold grain anomalies of this scale are amalgamated responses from a cluster of gold-bearing zones, normally indicating a large gold system or district rather than a single gold-bearing zone (see Northern Superior Resources press releases, June 24, 2010, February 27, 2018, and November 26, 2018).


The second gold-bearing systemis contained within the Annex area of the property. This system is defined by a gold grain-in-till dispersal corridor. Mineralized boulders collected from within this corridor returned assay values of up to 727 g/t gold, 111 g/t silver, 4.1% copper (see Northern Superior Resources press release, June 25, 2012); and drill results returned grades of up to 4.62 g/t gold over 5.5m (see Northern Superior Resources press releases, June 25 and 26, 2012).


Historic Exploration Highlights, Big Dam Area Include



  1. Discovery and definition of the gold grain-in-till dispersal apron: originally defined as 6km wide, now defined to extend at least 32km east to west across the TPK property;

  2. Discovery of several gold-bearing boulder dispersal trains returning gold assay values of up to 94.21 g/t gold; and

  3. Discovery of significant gold-bearing mineralization: example from the Target 3 area, coarse-grained visible gold in core hole TPK-10-004, returned an assay value of 25.9 g/t gold over 13.5m (see Northern Superior Resources press release, February 27, 2018).


Agreements


Northern Superior owns 100% of the TPK property. Pursuant to an option/joint venture agreement entered into with Yamana Gold Inc. ("Yamana"), the project is operated by Northern Superior. Completion of this core drill program puts Yamana on track to complete the first-year commitment of this option/ joint venture agreement (see Northern Superior Resources press release, November 26, 2018).


Northern Superior works with Neskantaga First Nation through an Early Exploration Benefits Agreement (EEBA) to ensure beneficial engagement for all stakeholders through the early exploration phases completed on the TPK property.


Northern Superior's Annual General Meeting


The Company will be hosting its Annual General Meeting at the Toronto Downtown Sheraton Hotel, 123 Queen Street West, York Room. The meeting will be held on May 22, 2019, and will begin at 4:15pm. Dr. Thomas F. Morris, President and CEO of Northern Superior will provide an overview of the Company's activities and strategy going forward in addition to the formal business of the meeting.


Qualified Person


Jonathan O'Callaghan P.Geo., is a qualified person ("QP") within the meaning of National Instrument 43-101. As the QP for the TPK property, Mr. O'Callaghan has reviewed, and approved information disclosed in this press release.


About Northern Superior Resources Inc.


Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX Venture Exchange under the symbol SUP, and the OTCQB Venture Market under the symbol NSUPF. The Company is currently focused on initiating and executing core drill programs on its 100% owned TPK (northwestern Ontario) and Lac Surprise (Québec) properties. Northern Superior is currently looking to option out its other 100% owned mineral properties in Québec and northwestern Ontario.


For further information please visit the Company's website at www.nsuperior.com or contact:


Thomas F. Morris P.Geo., PhD., FGAC
President and CEO
Tel: (705) 525 ‐0992
Fax: (705) 525 ‐7701
e‐mail: info@nsuperior.com


Cautionary Note Regarding Forward-Looking Statements


This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


SOURCE: Northern Superior Resources Inc.


View source version on accesswire.com:
https://www.accesswire.com/545364/Northern-Superior-Discovers-Gold-Bearing-Structures-Meets-Mandate-of-Winter-Drill-Program-TPK-Mineral-Property-Northwestern-Ontario

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8020Admin

4 months

8020Admin posted a press release 2019 Option Grants in NORTHERN SUPERIOR RESOURCES INC.

SUDBURY, ON / ACCESSWIRE / April 1, 2019 / Northern Superior Resources Inc. (the "Company" or "Northern Superior") (TSXV: SUP) wishes to announce the granting of 1,130,000 incentive stock options to certain directors, officers, employees and consultants of Company. Each option is exercisable at a price of $0.22 per share, for a period of five years, subject to regulatory approval.


About Northern Superior


Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX Venture Exchange under the symbol SUP. For further information contact:


Thomas F. Morris PGeo., PhD., FGAC


President and CEO


Tel: (705) 525 ‐0992


Fax: (705) 525 ‐7701


e‐mail: info@nsuperior.com


www.nsuperior.com


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


SOURCE: Northern Superior Resources Inc

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8020Admin

5 months

8020Admin posted a press release Eric Sprott Announces Holdings in Northern Superior Resources in NORTHERN SUPERIOR RESOURCES INC.

Toronto, Ontario--(Newsfile Corp. - March 4, 2019) - Eric Sprott announces that on March 2, 2019, 40,000,000 common share purchase warrants ("Warrants") of Northern Superior Resources Inc. (held by 2176423 Ontario Ltd., a corporation he beneficially owns) expired unexercised representing approximately 9.1% of the outstanding common shares on a partially diluted basis. Prior to the expiry of these Warrants, Mr. Sprott beneficially owned and controlled 4,000,000 common shares and 40,000,000 Warrants representing approximately 11.4% of the outstanding common shares on a non-diluted basis and approximately 20.5% on a partially diluted basis assuming the exercise of all Warrants.


As a result of the Warrant expiry, Mr. Sprott now beneficially owns and controls 4,000,000 common shares representing approximately 11.4% of the outstanding common shares on a non-diluted basis.


The Warrants expiry resulted in a partially diluted beneficial ownership change of greater than 2% and the filing of an early warning report.


The securities noted above are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities either on the open market or through private acquisitions or sell the securities either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.


Northern Superior is located at 7-1351C Kelly Lake Road, Sudbury, ON P3E 5P5. A copy of the early warning report with respect to the foregoing will appear on Northern Superior's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and may also be obtained by calling Mr. Sprott at (416) 362-7171.


2176423 Ontario Ltd.
200 Bay Street, Suite 2600
Royal Bank Plaza, South Tower
Toronto, Ontario M5J 2J1


To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43200

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8020Admin

5 months

8020Admin posted a press release Northern Superior Unveils 2019 Exploration Plan for Lac Surprise, Quebec in NORTHERN SUPERIOR RESOURCES INC.

SUDBURY, ON / ACCESSWIRE / February 6, 2019 / Northern Superior Resources Inc. ("Northern Superior" or the "Company") (TSXV: SUP; OCTQB: NSUPF), is pleased to unveil its 2019 exploration plan for its 100% owned Lac Surprise property, Québec.


Dr. T.F. Morris, President and CEO of Northern Superior states: "The Lac Surprise property is strategically situated within what is becoming a very active part of the Chapais-Chibougamau exploration camp. This point is emphasized by IAMGOLD's recently disclosed drilling results and announcement of their aggressive 2019 core drill plan on the Nelligan gold JV project. The Nelligan property adjoins the northeastern side of our Lac Surprise property.


Structures and geology associated with the Nelligan gold project extend west onto the Lac Surprise property as defined by various geophysical surveys (public and Company derived), publicly available geological maps, and various prospecting programs completed by Northern Superior (see Northern Superior Resources press releases, January 27, 2014 and June 16, 2017).


Gold showings at Black Phoenix (grab samples ranging from 0.14 g/t gold to 19.9 g/t gold) and Fox (channel samples over 1.0m ranging from 0.084 g/t gold to 2.96 g/t gold, and 0.097 g/t gold to 6.76 g/t gold) (see Northern Superior Resources press release, October 29, 2014) plus three gold grain-in-till and a gold geochemical-in-till dispersal trains clearly demonstrate the opportunity for additional gold mineralization along strike from the Nelligan gold deposit (Figure 1)."


The Lac Surprise Exploration Program


With the funds raised through the recently completed flow-through financing (see Northern Superior Resources press release, December 31, 2018), Northern Superior plans the following two part exploration program:



  1. Ground or Unmanned Aerial Vehicle-Mounted ("UAV") Magnetic Geophysics Survey ($200,000)


This survey is planned to commence mid-Winter, 2019. The survey flight lines will be orientated north-south (0ᵒ or 180ᵒ), 50 metre ("m") spacing, with a single east-west baseline. Elevation is set at 35-40m above sea level. This survey will produce high resolution magnetic data over two broad areas of the Lac Surprise property (Figure 2).


Northern Survey Area:


Includes the Black Phoenix, Fox and Lac Caopatina areas. The survey covers an area of 63.5 square kilometres ("km2") and requires approximately 1294.27 kilometres ("kms") of flight lines to complete.


Southern Survey Area:


Includes the Amber and Tonalite-1 areas. The survey covers an area of 56.3km2 and requires approximately 1136.27kms of flight lines to complete.



  1. Core Drill Program ($800,000)


Data from the UAV program will be integrated with the Lac Surprise geoscientific data base. From this, targets will be selected for core drilling. The focus of the core drill program will be on the northeastern part of the property, through which the structures and deformation corridor associated with the Nelligan property extends. Again, this area includes the Black Phoenix and Fox showings, and the gold grain-in-till and gold geochemical-in-till dispersal trains.


The core drill program is tentatively planned to include approximately 20 drill holes with an average length of approximately 250m, or approximately 5,000m of drilling. The final number of drill holes will be subject to the review of the geoscientific data base.


Qualified Person


Jonathan O'Callaghan P.Geo., is a qualified person ("QP) within the meaning of National Instrument 43-101. As the QP for the TPK property, Mr. O'Callaghan has approved information disclosed in this press release.


About Northern Superior Resources Inc.


Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX Venture Exchange under the symbol SUP, and the OTCQB Venture Market under the symbol NSUPF. The Company is currently focused on initiating and executing core drill programs on its 100% owned TPK (northwestern Ontario) and Lac Surprise (Québec) properties. Northern Superior is currently looking to option out its other 100% owned mineral properties in Québec and northwestern Ontario.


For further information please visit the Company's website at www.nsuperior.com or contact:


Thomas F. Morris P.Geo., PhD., FGAC


President and CEO


Tel: (705) 525 ‐0992


Fax: (705) 525 ‐7701


e‐mail: info@nsuperior.com, www.nsuperior.com


 


Cautionary Note Regarding Forward-Looking Statements


This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.



Figure 1. Location of the Lac Surprise property relative to the Nelligan gold property. See text for details. (To view the full-size image, please click here)



Figure 2. Location of the northern and southern UAV panels. See text for details. (To view the full-size image, please click here)



Figure 3. Location, various showings, Lac Surprise property. See text for details. (To view the full-size image, please click here)


SOURCE: Northern Superior Resources Inc.

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8020Admin

6 months

8020Admin posted a press release Northern Superior Discovers New Showings, Wapistan Property, Quebec in NORTHERN SUPERIOR RESOURCES INC.

 


SUDBURY, ON / ACCESSWIRE / January 29, 2019 / Northern Superior Resources Inc. ("Northern Superior" or the "Company") (TSXV: SUP), is pleased to report on exploration results from its 2018 Fall exploration program on its 100% owned Wapistan property, James Bay Lowlands, Québec.


Read more:  https://quotemedia.com/portal/quote/?qm_symbol=SUP%3ACC&qmodStoryID=6679618543548696 

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8020Admin

6 months

8020Admin posted a press release Northern Superior Resources Inc. Provides Outlook for 2019 in NORTHERN SUPERIOR RESOURCES INC.

SUDBURY, ON / ACCESSWIRE / January 16, 2019 / Dr. T.F. Morris, President and CEO of Northern Superior Resources Inc. (SUP: TSX-V; NSUPF: OCTQB) ("Northern Superior" or the "Company") provides the following update and outlook for 2019.


The Company completed several important, corporate-related events at the end of 2018 and early 2019, most notably:



  1. completion of an option/joint venture agreement with Yamana Gold Inc., on Northern Superior's 100% owned Ti-pa-haa-kaa-ning ("TPK") property (see press release, Northern Superior Resources , November 26, 2018);

  2. closing of a $1 million, non-brokered, flow-through private placement (see press release, Northern Superior Resources, December 31, 2018); and

  3. completion of a 10:1 share consolidation (see press release, Northern Superior Resources, January 3, 2019).


With the completion of these events, Northern Superior is now positioned to launch into an exciting and important year.


The completion of the Yamana Gold Inc. option/joint venture agreement assures that the Company now has a well-funded and reputable partner to move its TPK project forward. Planning for the drill core program is almost complete, and we look forward to the initiation of this program in mid-February, 2019.


The recently completed financing will allow us to further deveop our Lac Surprise property and hopefully demonstrate the extension of the gold-bearing structures reported on the adjoining Nelligan property controlled by IAMGOLD Corporation ("IAMGOLD") and Vanstar Resources (see IAMGOLD press release, January 10, 2019).


In addition, our Croteau Est property has proved to be a very important asset to Northern Superior with:



  1. a defined resource from a minimum number of core drill holes (64) and meterage completed (20,643m);

  2. results from additional drilling (24 holes; 14,404m) provided a geologically constrained model for the deposit and defined how to expand the deposit both along strike (east and west) and depth; and

  3. additional opportunities defined on the property (see press release, Northern Superior Resources, May 23, 2018).


To advance Croteau Est, a sustained drill program is required, and Northern Superior is actively pursuing a strategic partner to assist in advancing this property to its full potential.


Finally, the Company has a number of other mineral properties, and Northern Superior is actively exploring ways to advance these opportunities. One such property is the Wapistan mineral property, located within the James Bay Lowlands of Québec (see press release, Northern Superior Resources, May 16, 2017). We look forward to reporting on the results from a small, but important exploration program, completed on this property in the fall of 2018.


In conclusion, with the anticipation of a rising gold price through 2019, the ability to move key assets forward in early 2019, Northern Superior looks forward to sharing the results of these exploration efforts throughout 2019!"


About Northern Superior


Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX Venture Exchange under the symbol SUP, and the OTCQB Venture Market under the symbol NSUPF.


For further information please visit the Company's website atwww.nsuperior.com or contact:


Thomas F. Morris P.Geo., PhD., FGAC, ICD.D President and CEO
Tel: (705) 525 -0992
Fax: (705) 525 -7701
e-mail: info@nsuperior.com
www.nsuperior.com


Cautionary Note Regarding Forward-Looking Statements


This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words" may"," would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with them in ingindustry, the price of gold and other metals, currency and interestrate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.


SOURCE: Northern Superior Resources Inc.

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Northern Superior Resources Inc.

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Northern Superior was founded as a diamond exploration Company in 2002, under the name Superior Diamonds Inc. The company’s approach to exploration produced several successful campaigns that lead to the discovery of kimberlite pipes and dykes, with one pipe being diamondiferous. However, the expl...

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Northern Superior Resources Inc.

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Northern Superior was founded as a diamond exploration Company in 2002, under the name Superior Diamonds Inc. The com......

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8020Admin posted a press release Platinum Group Metals Ltd. Reports Third Quarter Results And Provides Waterberg Palladium Project Update in NORTHERN SUPERIOR RESOURCES INC.

Vancouver, British Columbia and Johannesburg, South Africa--(Newsfile Corp. - July 15, 2019) - Platinum Group Metals Ltd. (TSX: PTM) (NYSE American: PLG) ("Platinum Group", "PTM" or the "Company") reports the Company's financial results for the nine months ended May 31, 2019 and provides a summary of recent events and outlook. For details of the condensed consolidated interim financial statements for the nine months ended May 31, 2019 (the "Financial Statements") and Management's Discussion and Analysis for the nine months ended May 31, 2019 please see the Company's filings on SEDAR (www.sedar.com) or on EDGAR (www.sec.gov). Shareholders are encouraged to visit the Company's website at www.platinumgroupmetals.net. Shareholders may receive a hard copy of the complete Financial Statements from the Company free of charge upon request.


All amounts herein are reported in United States dollars ("USD") unless otherwise specified. The Company holds cash in Canadian dollars, United States dollars and South African Rand. Changes in exchange rates may create variances in the cash holdings or results reported.


The Company is focused on completing a Definitive Feasibility Study ("DFS") for the large scale, palladium dominant and bulk mineable Waterberg Project in South Africa (the "Waterberg Project"). A technical committee of Waterberg JV Resources Pty Ltd. ("Waterberg JV Co.") is overseeing the DFS with participation from all partners. A formal Mining Right Application and an Environmental Authorization Application have both been filed and community consultation is ongoing in a positive, respectful climate. Power and water planning for the project is advancing well, including work under a regional water co-operation agreement with the Capricorn Municipality and engineering and permitting work with power utility Eskom. Training for an underground, fully mechanized mining work force, sourced primarily from local communities, is part of the planning for the DFS.


Impala Platinum Holdings Ltd. ("Implats") made a strategic investment of $30.0 million in November 2017 to purchase a 15% stake in the Waterberg Project, from which the Company received $17.2 million for its 8.6% project interest sold. Within 90 days of the completion and approval of the DFS by Waterberg JV Co., Implats may elect to increase its stake to 50.01% by additional share purchases from the Japan Oil, Gas and Metals National Corporation ("JOGMEC") for an amount of $34.8 million and a commitment to spend $130 million for development of the Waterberg Project. Implats will also have a right of first refusal to smelt and refine Waterberg Project concentrate.


Recent Events


On July 15, 2019 Anglo American Platinum Limited ("Anglo Platinum") and the Company launched a new venture through Lion Battery Technologies Inc. ("Lion Battery"), to accelerate the development of next-generation battery technology using platinum and palladium. The possibility of creating additional demand for platinum and palladium in the battery technology space is an exciting development and of strategic importance to both parties.


Lion Battery has entered into an agreement with Florida International University to further advance a research programme that uses platinum and palladium to unlock the potential of Lithium Air and Lithium Sulfur battery chemistries to increase their discharge capacities and cyclability.


Under the agreement with Florida International University, Lion Battery will have exclusive rights to all intellectual property developed and will lead all commercialisation efforts. Lion is also currently reviewing several additional and complementary opportunities focused on developing next-generation battery technology using platinum and palladium. Lion Battery will be jointly funded and is to be a 52% owned subsidiary of Platinum Group with the remaining 48% owned by Anglo Platinum.


On June 28, 2019 the Company closed a non-brokered private placement with Hosken Consolidated Investments Limited ("HCI"), an existing major shareholder of the Company, for gross proceeds of US$1.3 million (the "Private Placement"). In connection with the Private Placement, the Company issued an aggregate of 1,111,111 common shares to Deepkloof Limited, a subsidiary of HCI, at a price of US$1.17 per common share. On a non-diluted basis and after giving effect to the Private Placement, HCI's ownership percentage increased from 20.05% to 22.60% of the Company's issued and outstanding common shares. The Company did not pay any finder's fees in connection with the Private Placement.


On June 20, 2019 HCI exercised certain common share purchase warrants to purchase 80,000 common shares at $1.70 per common share. Following the warrants exercise, HCI beneficially held 6,782,389 common shares of Platinum Group, representing 20.05% of the Company's then issued and outstanding common shares.


At May 31, 2019 common share purchase warrants representing 968,770 shares at a price of $1.70 each had been exercised by holders during the period. Proceeds to the Company totalled $1,646,909. The Company's two largest shareholders exercised approximately 91% of these warrants.


On March 7, 2019, the Company reported the transfer of a 9.755% interest in Waterberg JV Co. to Hanwa Co. Ltd. ("Hanwa") by JOGMEC. Prior to the transfer JOGMEC held a 21.95% interest in the Waterberg Project. Hanwa was the successful bidder in a public tender process for Japanese companies conducted by JOGMEC. Hanwa is a leading Japanese trading company supplying a broad spectrum of products, including steel, non-ferrous metals, metals and alloys, food, petroleum, chemicals, machinery, lumber and many other items, to a diverse range of global customers.


On January 11, 2019, the Company paid $8.0 million to Liberty Metals & Mining Holdings, LLC ("LMM") in partial settlement of a secured loan facility due to LMM. The amount paid represented net proceeds from the sale of 4.52 million common shares of JSE listed Royal Bafokeng Platinum Ltd. received by the Company in April 2018 upon completion of stage two of the sale of the Maseve Mine.


On November 16, 2018, the Company filed a National Instrument 43-101 technical report for an updated independent mineral resource estimate for the Waterberg Project. The report, entitled "Technical Report on the Mineral Resource Update for the Waterberg Project Located in the Bushveld Igneous Complex, South Africa" is dated October 22, 2018 (with the effective date of the mineral resources being September 27, 2018) (the "Waterberg Technical Report") and was prepared by Charles J Muller, B. Sc. (Hons) (Geology), Pr. Sci. Nat., of CJM Consulting (Pty) Ltd. A copy of the Waterberg Technical Report can be found at www.sedar.com, at www.sec.gov and on the Company's website.


On October 25, 2018, the Company published an updated independent mineral resource estimate for the Waterberg Project on a 100% basis, with 6.26 million ounces of platinum, palladium, rhodium and gold (together known as "4E") recognized in the higher confidence Measured category (57.2 million tonnes at 3.40 g/t 4E), 20.078 million 4E ounces recognized in the Indicated category (185.3 million tonnes at 3.37 g/t 4E), and a total of 26.34 million 4E ounces in the combined Measured and Indicated categories (242.5 million tonnes at 3.38 g/t 4E comprised of 63.04% palladium, 29.16% platinum, 6.37% gold and 1.43% rhodium).. The updated resource assessment forms the basis for mine design, scheduling and capital cost estimation as part of the DFS. The Waterberg deposit is dominated by palladium and also contains copper and nickel. Inferred mineral resources are estimated at 7.0 million 4E ounces (66.67 million tonnes at 3.26 g/t 4E). The T zone Measured and Indicated mineral resources increased in grade from 3.88 g/t 4E in 2016 to 4.51 g/t 4E in 2018. All of the preceding was estimated at a 2.5 g/t 4E cut-off grade, which is the preferred scenario for the project. Please refer to the Waterberg Technical Report for additional information regarding the updated mineral resource estimate.


On October 10, 2018, the Company announced that a recent Mining Right Application for the Waterberg Project had been accepted by South Africa's Department of Mineral Resources. The application is supported by the Company and all of the Waterberg Project partners including Implats, JOGMEC and Mnombo Wethu Consultants (Pty) Ltd. The process of consultation under the Mineral and Petroleum Resources Development Act, 2002 and current Environmental Assessment regulations has commenced. Many public meetings have already been completed. Significant feedback from the meetings has been considered in the DFS designs. Local training and employment are key components of the project to maximize the value of the project for all stakeholders.


Results For The Nine Months Ended May 31, 2019


During the nine months ended May 31, 2019 the Company incurred a net loss of $13.1 million (May 31, 2018 - net loss of $37.6 million). The lower loss in the current period is predominantly due to the Maseve Mine closure in the fourth quarter of fiscal 2017, resulting in care and maintenance costs of $14.2 million being recognized in the first nine months of fiscal 2018.


General and administrative expenses in aggregate during the nine-month period were $3.8 million (May 31, 2018 - $4.6 million). Specific items include interest expense of $7.3 million in the current period ($14.9 million May 31, 2018), with the decrease due to less debt outstanding the current period. A foreign exchange loss of $2.1 million was recognized in the current period (May 31, 2018 $3.9 million loss) due to a decrease in the value of the Canadian Dollar. A loss of $0.8 million was recognized on the valuation of embedded derivatives whereas a gain of $2.7 million was recognized in the previous comparable period, due largely to the increase in market value of the Company's shares. The currency translation adjustment recognized in the period is a gain of $2.4 million (May 31, 2018 - $8.3 million gain) due largely to the Rand increasing in value relative to the U.S. Dollar.


At May 31, 2019, finance income consisting of interest earned and property rental fees in the period amounted to $0.3 million (May 31, 2018 - $0.5 million), while a gain on marketable securities of $0.6 million was recognized in the current period (May 31, 2018 - $0.7 million loss). Loss per share for the period amounted to $0.42 as compared to a loss of $2.24 per share for the nine months ended May 31, 2018.


Accounts receivable at May 31, 2019 totalled $0.4 million (August 31, 2018 - $0.9 million) while accounts payable and accrued liabilities amounted to $2.2 million (August 31, 2018 - $3.6 million). Accounts receivable were comprised of mainly of amounts receivable for value added taxes repayable to the Company in South Africa and amounts due from joint venture partners and related parties. Accounts payable at May 31, 2019 related mostly to ongoing work at the Waterberg Project with the decrease as compared to August 31, 2018 being primarily due to settlement of payables related to mine closure costs.


Total expenditures on the Waterberg Project, before partner reimbursements, for the nine-month period were approximately $6.4 million (May 31, 2018 - $5.7 million). At May 31, 2019, $35.9 million in accumulated net costs had been capitalized to the Waterberg Project. Total expenditures by all parties on the property since inception are approximately $67.9 million.


For more information on mineral properties, see Note 4 of the Financial Statements.


Outlook


The Company's key business objective is to advance the Waterberg Project to development. The Waterberg project is dominated by palladium at a time when palladium supply is estimated to be in deficit. Mines with palladium as their primary economic mineral are rare.


Waterberg JV Co. is advancing the Waterberg Project to completion of a DFS. The DFS is being managed by Platinum Group and a technical committee with comprehensive input at all levels from the Waterberg Project partners. Completion and delivery of the DFS to Waterberg JV Co. is expected in the third calendar quarter of 2019. A Mining Right Application and an Environmental Authorization have been filed in South Africa following stakeholder consultations and both applications are being advanced.


Local involvement and personnel training are a key part of the design for a modern, safe, responsible mine operating at world class standards. The DFS team is working with NORCAT, a Sudbury, Canada based global training specialist, to incorporate local skills development into the DFS.


Important detailed infrastructure planning has commenced for the Waterberg Project. Detailed hydrological work indicates there is sufficient ground water resources for the Project and at the same time there is enough water to improve water accessibility to local communities. A co-operation agreement between Waterberg JV Co. and the local Capricorn Municipality for the development of water resources is actively advancing these objectives.


The establishment of servitudes for power line routes and detailed planning and permitting for an Eskom electrical service to the project are also advancing well. Power line environmental and servitude work is being completed by TDxPower in coordination with Eskom. Community consultation regarding power line routes and completion of an environmental impact assessment is in process.


The Waterberg JV Co. team is working very well together with value-add contributions coming from all partners, including senior team members from Implats working with Platinum Group Metals as Manager of the DFS. The mine plan includes large scale, bulk efficient underground mining from decline access with the use of backfill. The use of backfill will allow higher extraction ratios that had been projected in a pre-feasibility study for the Project, which modelled an open stoping mine method. The use of backfill will also reduce the required tailings impoundment area, costs and footprint. Stantec Consulting International LLC, an experienced global, bulk underground mine designer is completing the estimate of mineral reserves and the mine schedule for the DFS. DRA Project SA (Proprietary) Limited is completing the metallurgical design and overall capital cost estimate. We look forward to the finalization of the DFS.


A peer review of the DFS, excluding geology, by engineering firm SRK Consulting, is planned to commence in mid-July 2019. A review of the Waterberg Project geology and a resource estimate filed on SEDAR in October 2018 were previously the subject of a peer review by engineering firm Amec Foster Wheeler.


Within 90 days of the completion and approval of the DFS by Waterberg JV Co., Implats may elect to increase its Waterberg Project stake to 50.01% by additional share purchases from JOGMEC for an amount of $34.8 million and a commitment to spend $130 million for development of the Waterberg Project.


The Company believes that its investment in Lion Battery, co-founded with Anglo Platinum, represents an exciting opportunity in the high-profile lithium battery research and innovation field. The Company believes that its investment in Lion Battery creates a potential vertical integration with a broader industrial market development strategy to bring new technologies to market which use platinum and palladium.


In the near term, the Company's liquidity will be constrained until financing has been obtained to repay and discharge remaining amounts of secured debt and for working capital purposes. The Company remains focussed on completing the Waterberg DFS. The Company is currently discussing opportunities with several finance groups regarding the settlement or refinancing of a secured loan facility due to LMM as well as the Company's working capital requirements. The Company will continue to work closely with its major shareholders and lenders. The Company continues to actively assess corporate and strategic alternatives with advisor BMO Capital Markets.


Qualified Person


R. Michael Jones, P.Eng., the Company's President, Chief Executive Officer and a shareholder of the Company, is a non-independent qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects and is responsible for preparing the technical information contained in this news release. He has verified the data by reviewing the detailed information of the geological and engineering staff and independent qualified person reports as well as visiting the Waterberg Project site regularly.


About Platinum Group Metals Ltd.


Platinum Group Metals Ltd. is the operator of the Waterberg Project, a bulk underground palladium and platinum deposit located in South Africa. Platinum Group is listed on the NYSE American Exchange (PLG:NYSE.A) and the Toronto Stock Exchange (PTM:TSX). Waterberg was discovered by Platinum Group and is being jointly developed with Implats, the Japan Oil, Gas and Metals National Corporation (JOGMEC) and Hanwa Co. Ltd. Waterberg has the potential to be a large-scale, low-cost producer of palladium, platinum, rhodium and gold. The Company recently founded Lion Battery Technologies in partnership with Anglo American Platinum to support the use of palladium and platinum in lithium battery applications.


On behalf of the Board of
Platinum Group Metals Ltd.


Frank R. Hallam
CFO, Corporate Secretary and Director


For further information contact:
R. Michael Jones, President
or Kris Begic, VP, Corporate Development
Platinum Group Metals Ltd., Vancouver
Tel: (604) 899-5450 / Toll Free: (866) 899-5450
www.platinumgroupmetals.net


Disclosure


The Toronto Stock Exchange and the NYSE American have not reviewed and do not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.


This press release contains forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of U.S. securities laws (collectively "forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding the completion of a DFS by within the third calendar quarter of 2019; Waterberg Project's potential to be a bulk mineable, low cost, dominantly palladium mine producing platinum and palladium based on a fully mechanized mine plan; the potential for the Company to obtain financing to repay and discharge remaining amounts of secured debt and for working capital purposes; new business opportunities, including but not limited to, the Company's investment in Lion Battery; and corporate and strategic alternatives. Mineral resource and reserve estimates are also forward-looking statements because such estimates involve estimates of mineralization that may be encountered in the future if a production decision is made, as well as estimates of future costs and values. Although the Company believes the forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance and that actual results may differ materially from those in forward-looking statements as a result of various factors, including the Company's inability to generate sufficient cash flow or raise sufficient additional capital to make payment on its indebtedness, and to comply with the terms of such indebtedness; additional financing requirements; the Company's credit facility (the "LMM Facility") with Liberty Metals & Mining Holdings, LLC ("LMM") is, and any new indebtedness may be, secured and the Company has pledged its shares of Platinum Group Metals (RSA) Proprietary Limited ("PTM RSA"), and PTM RSA has pledged its shares of Waterberg JV Resources (Pty) Limited ("Waterberg JV Co.") to Liberty Metals & Mining Holdings, LLC, a subsidiary of LMM, under the LMM Facility, which potentially could result in the loss of the Company's interest in PTM RSA and the Waterberg Project in the event of a default under the LMM Facility or any new secured indebtedness; the Company's history of losses and negative cash flow; the Company's ability to continue as a going concern; the Company's properties may not be brought into a state of commercial production; uncertainty of estimated production, development plans and cost estimates for the Waterberg Project; discrepancies between actual and estimated mineral reserves and mineral resources, between actual and estimated development and operating costs, between actual and estimated metallurgical recoveries and between estimated and actual production; fluctuations in the relative values of the U.S. Dollar, the Rand and the Canadian Dollar; volatility in metals prices; the failure of the Company or the other shareholders to fund their pro rata share of funding obligations for the Waterberg Project; any disputes or disagreements with the other shareholders of Waterberg JV Co., Mnombo Wethu Consultants (Pty) Ltd. or Maseve; completion of a DFS for the Waterberg Project is subject to economic analysis requirements; the ability of the Company to retain its key management employees and skilled and experienced personnel; conflicts of interest; litigation or other administrative proceedings brought against the Company; actual or alleged breaches of governance processes or instances of fraud, bribery or corruption; the Company may become subject to the U.S. Investment Company Act; exploration, development and mining risks and the inherently dangerous nature of the mining industry, and the risk of inadequate insurance or inability to obtain insurance to cover these risks and other risks and uncertainties; property and mineral title risks including defective title to mineral claims or property; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada and South Africa; equipment shortages and the ability of the Company to acquire necessary access rights and infrastructure for its mineral properties; environmental regulations and the ability to obtain and maintain necessary permits, including environmental authorizations and water use licences; extreme competition in the mineral exploration industry; delays in obtaining, or a failure to obtain, permits necessary for current or future operations or failures to comply with the terms of such permits; risks of doing business in South Africa, including but not limited to, labour, economic and political instability and potential changes to and failures to comply with legislation; the Company's common shares may be delisted from the NYSE American or the TSX if it cannot maintain or regain compliance with the applicable listing requirements; and other risk factors described in the Company's most recent Form 20-F annual report, annual information form and other filings with the SEC and Canadian securities regulators, which may be viewed at www.sec.gov and www.sedar.com, respectively. Proposed changes in the mineral law in South Africa if implemented as proposed would have a material adverse effect on the Company's business and potential interest in projects. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward- looking statement, whether as a result of new information, future events or results or otherwise.


Estimates of mineralization and other technical information included herein have been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The definitions of proven and probable reserves used in NI 43-101 differ from the definitions in SEC Industry Guide 7. Under SEC Industry Guide 7 standards, a "final" or "bankable" feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. As a result, the reserves reported by the Company in accordance with NI 43-101 may not qualify as "reserves" under SEC Industry Guide 7. In addition, the terms "mineral resource" and "measured mineral resource" are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and historically have not been permitted to be used in reports and registration statements filed with the SEC pursuant to SEC Industry Guide 7. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. Accordingly, descriptions of the Company's mineral deposits in this press release may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of SEC Industry Guide 7.



To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46290

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8 days

8020Admin posted a press release Northern Superior Initiates Prioritization of Gold-Bearing Shear Systems, TPK Mineral Property, Northwestern Ontario in NORTHERN SUPERIOR RESOURCES INC.

SUDBURY, ON / ACCESSWIRE / July 9, 2019 / Northern Superior Resources Inc. (“Northern Superior” or the “Company”) (TSXV: SUP; OCTQB: NSUPF), is pleased to report that it has initiated the process of evaluating and prioritizing the eight gold-bearing shear systems recently discovered within the Big Dam area of the TPK property from the winter 2019 core drill program (see Northern Superior press release, May 15, 2019). The purpose of this exercise is to establish which shear zone(s) presents the best opportunity for discovery of an economic deposit of gold in the shortest time frame possible.


Dr. T.F. Morris, President and CEO of Northern Superior, states: “Northern Superior is actively evaluating the geology of both the Annex and Big Dam areas of the TPK property. The observations reported in this press release represent an important step forward, following the 2019 winter drill program, to ensure that going forward, we have a more focussed program establishing which shear zone represents the best opportunity for discovering an economic deposit of gold in a timely manner.”


Key Findings:


1) The discovery of the eight gold-bearing shear systems during the 2019 core drill program confirms the hypothesis of there being multiple, locally derived bedrock sources contributing to and recharging the mineralized boulder and till gold dispersal aprons observed within the Big Dam area of the TPK property (see Northern Superior press release, February 27, 2018).


Results of initial exploration completed on the TPK property in 2010 indicated that gold grain anomalies of this scale are amalgamated responses from a cluster of gold zones. They normally indicate a large gold system or district rather than a single gold zone. The Company made this statement on June 21, 2010.


2) Boulders exceeding 10 g/t gold (“Au”) (not counting quartz vein and strongly altered/sheared boulders) tend to be sourced from the main zone of the Freure Lake Batholith (“FLB”) (up to 94.2 g/t Au) and the more fractionated contact stock portions (up to 10.3 g/t Au). Petrographic work in 2017 classified the rocks as magnetite-bearing monzogranite and syenogranite respectively (see Northern Superior internal report, 2017).


Those shear zones associated with these areas of the FLB may be the more attractive shear zones to pursue at this time (see Figure 1 below).


The remaining lithologies sampled (basalt, andesite, diorite) are considered lower priority host rocks, returning assay values <1 g/t Au.


3) Transport distance of boulders can be determined from tying the geochemistry of boulders to bedrock determined from drill core geochemistry. For example, transport distance of contact stock syenogranite boulders are approximately 100m down-ice of the bedrock contact between the main zone monzogranites of the FLB and the syenogranite.


Understanding transport distance of boulders from source is critical in determining point source(s) for the boulders.


4) Some of the gold-bearing boulder trains have not yet been tied to bedrock sources. Based on the geochemistry of these boulders and existing geophysics datasets, there are is great potential to discover additional gold-bearing shear/alteration zones within the Big Dam area.


Figure 1. Preliminary interpretation of higher vs. lower priority, recently discovered shear/alteration Zones, Big Dam area, TPK property.



The TPK Property


This gold-silver-copper property, located in northwestern Ontario, contains two large independent mineralized systems. The first gold-bearing area is contained within the Big Dam and New Growth areas of the property and is a laterally extensive mineralized shear system stretching 35 kilometres (“km”) across the southern portion of the property. One of North America’s largest gold grain-in-till dispersal aprons extends from this area.


The second gold-bearing system is contained within the Annex area of the property. This system is defined by a gold grain-in-till dispersal corridor. Mineralized boulders collected from within this corridor returned assay values of up to 727 g/t gold, 111 g/t silver, 4.1% copper (see Northern Superior Resources press release, June 25, 2012); and drill results returned grades of up to 4.62 g/t gold over 5.5 metres (“m”) (see Northern Superior Resources press releases, June 25 and 26, 2012).


Exploration Highlights, Big Dam Area:



  1. Discovery and definition of the gold grain-in-till dispersal apron: defined as 6 km wide by 11.5 km long, with gold grain-in-till anomalies up to 1263 grains per 10 kilogram till sample (see Northern Superior Resources press release, May 15, 2019).

  2. Discovery of several gold-bearing boulder dispersal trains returning gold assay values of up to 94.21 g/t Au;

  3. Discovery of significant gold-bearing mineralization: example from the Target 3 area, coarse-grained visible gold in core hole TPK-10-004, returned an assay value of 25.9 g/t Au over 13.5 m (see Northern Superior Resources press release, February 27, 2018); and

  4. Discovery of eight gold-bearing shear/alteration zones within the Big Dam area of the TPK property, hosting up to 20 m-wide intervals of anomalous gold values within envelopes of alteration and/or shearing within the FLB. Each of these structures is capable of hosting economically viable gold mineralization along strike or at depth (see Northern Superior Resources press release, May 15, 2019).


Agreements


Northern Superior owns 100% of the TPK property. Pursuant to an option/joint venture agreement entered into with Yamana Gold Inc. (“Yamana”), the project is operated by Northern Superior. Completion of this core drill program puts Yamana on track to complete the first-year commitment of this option-joint venture agreement (see Northern Superior Resources press release, November 26, 2018).


Northern Superior works with Neskantaga First Nation through an Early Exploration Benefits Agreement to ensure beneficial engagement for all stakeholders through the early exploration phases completed on the TPK property.


Qualified Person


Jonathan O’Callaghan P.Geo., is a qualified person (“QP”) within the meaning of National Instrument 43-101. As the QP for the TPK property, Mr. O’Callaghan has reviewed, and approved information disclosed in this press release.


About Northern Superior Resources Inc.


Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX Venture Exchange under the symbol SUP, and the OTCQB Venture Market under the symbol NSUPF. The Company is currently focused on initiating and executing core drill programs on its 100% owned TPK (northwestern Ontario) and Lac Surprise (Québec) properties. Northern Superior is currently looking to option out its other 100% owned mineral properties in Québec and northwestern Ontario.


For further information please visit the Company’s website at www.nsuperior.com or contact:


Thomas F. Morris P.Geo., PhD., FGAC
President and CEO
Tel: (705) 525 ‐0992
Fax: (705) 525 ‐7701
e‐mail: info@nsuperior.com


Cautionary Note Regarding Forward-Looking Statements


This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


SOURCE: Northern Superior Resources Inc.


View source version on accesswire.com:
https://www.accesswire.com/551202/Northern-Superior-Initiates-Prioritization-of-Gold-Bearing-Shear-Systems-TPK-Mineral-Property-Northwestern-Ontario

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1 month

8020Admin posted a press release Northern Superior Initiates Drone-Supported Magnetic Survey, Lac Surprise Property, Québec in NORTHERN SUPERIOR RESOURCES INC.


SUDBURY, ONTARIO / ACCESSWIRE / June 10, 2019 / Northern Superior Resources Inc. ("Northern Superior" or the "Company") (TSXV: SUP; OCTQB: NSUPF), is pleased to announce that it has initiated a drone supported, airborne magnetic survey over its 100% owned Lac Surprise property, Québec. This survey will consist of two panels covering the northern and southern parts of the property (see Figure 1). Resulting airborne magnetic data will assist in defining core drill targets over much of the property, however, the focus will be on the northern part of the property where:


1) Gold grain and gold geochemical-in-till dispersal trains are defined (see Northern Superior Resources press release, January 27, 2014);


2) Gold showings discovered, with grab samples collected from the Black Phoenix gold showing assaying as high as 19.9 g/t gold (see Northern Superior Resources press release, February 6, 2019); and


3) IAMGOLD Corporation ("IAMGOLD") reporting excellent gold assay results (2019 Q1 and Q2 core drill program) from its neighboring Nelligan property (see IAMGOLD press release, May 30, 2019), tied to the northeast side of the Lac Surprise property.


Dr. T.F. Morris, President and CEO of Northern Superior states: "The gold grain and gold geochemical-in-till dispersal trains, the Black Phoenix and Fox gold showings (all located within the northeastern side of the Lac Superior property), occur directly west of the IAMGOLD Nelligan gold deposit. In fact, the gold trains and showings discovered on Lac Surprise are all associated with lithologies from which the gold assays being reported from Nelligan are deposited. Those lithologies extend west onto the northwest, then across the northern part of the Lac Surprise property (see Northern Superior Resources press release, February 6, 2019).


Data derived from this year's geophysical program will be coupled with the Company's existing geoscientific data base. We believe that high priority core drill targets will be generated from both the north and south parts of the property. However, the Company will focus on those targets generated within the northern part of the property with the intent of drilling those targets later in the second half of 2019. The purpose of this program and the core drill program is to demonstrate the westward extension of the gold-bearing system defined at Nelligan, onto and across the northwestern and northern parts of the Lac Surprise property."


Lac Surprise Property


The Lac Surprise property is 100% owned by Northern Superior. This property is strategically situated within a very active part of the Chapais-Chibougamau exploration camp. This point is emphasized by IAMGOLD's disclosed core drilling results from their Nelligan gold JV project (Figure 2; see IAMGOLD press release, May 30, 2019). The Nelligan property adjoins the northeastern side of Northern Superior's Lac Surprise property. Several showings and gold-bearing structures have already been defined on the property (Figure 3; see Northern Superior press release, February 6, 2019).


Figure 1. Location of Northern Superior's planned Lac Surprise 2019 drone-supported aerial magnetic survey.



Figure 2. Location of the Lac Surprise property relative to the Nelligan gold property. Gold grain and gold geochemical dispersal trains, location of the Black Phoenix and Fox showings also illustrated.



Figure 3. Location, various showings, Lac Surprise property.



Qualified Person


Jonathan O'Callaghan P.Geo., is a qualified person ("QP") within the meaning of National Instrument 43-101 for the Lac Surprise property. Mr. O'Callaghan has reviewed and approved the information disclosed in this press release.


About Northern Superior Resources Inc.


Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX Venture Exchange under the symbol SUP, and the OTCQB Venture Market under the symbol NSUPF. The Company is currently focused on initiating and executing core drill programs on its 100% owned TPK (northwestern Ontario) and Lac Surprise (Québec) properties. Northern Superior is currently looking to option out its other 100% owned mineral properties in Québec and northwestern Ontario.


For further information please visit the Company's website at www.nsuperior.com or contact:


Thomas F. Morris P.Geo., PhD., FGAC


President and CEO


Tel: (705) 525 ‐0992


Fax: (705) 525 ‐7701


e‐mail: info@nsuperior.com


Cautionary Note Regarding Forward-Looking Statements


This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


SOURCE: Northern Superior Resources Inc.


View source version on accesswire.com:
https://www.accesswire.com/548182/Northern-Superior-Initiates-Drone-Supported-Magnetic-SurveyLac-Surprise-Property-Qubec

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8020Admin

2 months

8020Admin posted a press release Northern Superior Discovers Gold-Bearing Structures, Meets Mandate of Winter Drill Program, TPK Mineral Property, Northwestern Ontario in NORTHERN SUPERIOR RESOURCES INC.

SUDBURY, ON / ACCESSWIRE / May 15, 2019 / Northern Superior Resources Inc. ("Northern Superior" or the "Company") (TSXV: SUP; OCTQB: NSUPF), is pleased to report the discovery of eight gold-bearing structures and alteration zones, meeting the mandate of this specifically designed program. These discoveries represent a critical and important advance in defining bedrock-hosted high-grade gold mineralization, necessary to yield the unique world class gold grain-in-till dispersal apron and high-grade boulders defined and recovered within the Big Dam area of the Ti-pa-haa-kaa-ning (TPK) property.


Highlights to Date



  • Discovery of eight gold-bearing structures and alteration zones ("structures") and one inferred alkali complex plug (Figure 1; Table 1):



    • Identified from 15 drill holes or 3,228 metres ("m") of drilling;

    • Completed under budget; and

    • Within the confines of the Big Dam area (excluding one hole in the New Growth area), representing an area of over eight square kilometres ("km").





  • Appreciation of the size of these structures, having the potential to host economic deposits of gold:



    • Elevated gold values in widths of up to 20m;

    • Mineralized alteration envelops, widths up to 30m; and

    • Strike length of up to 2 km, defined by tying mineralized structure to geophysical signature; and





  • Defining structure location and orientation:



    • May explain why the high-grade intersection of 25.9 g/t Au over 13.5m reported in 2011 (see Northern Superior Resources press release, February 27, 2018) could not be repeated; and

    • Provides the required focus necessary to tie the highly anomalous gold grain-in-till values (up to 1263 per 10 kilogram ("kg") till sample) and high-grade boulders (up to 94.21 g/t Au) to point sources within these structures.




Dr. T.F. Morris, President and CEO of Northern Superior, states: "To be clear, the drill core assays reported here do not reflect the anomalous gold grain-in-till values or the high-grade gold boulder assays previously reported for the Big Dam area. It is very important to put into context the size of this core program relative to the target area. With only 15 core drill holes (diameter of each only 5 centimetres ("cm") completed, it is impressive that eight gold-bearing structures and associated alteration zones were intersected in an area of over eight square kilometres. The mandate of this program has been clearly met: to define a regional-scale, bedrock hosted mineralized system(s) capable of hosting economic concentration of gold as indicated by the unique regional scale gold signature observed within the overburden associated with the Big Dam area of the property."


Morris further states: "The results of this program provide an important opportunity to focus the next phase of drilling along the most prospective structure, defined from further analysis of the results. The purpose of that drill program, on this part of the property, will be to identify and define one or more of the gold-bearing zones responsible for yielding the anomalously high gold grain values and high-grade gold-bearing boulders recovered from the surface environment."


As such, Northern Superior will now focus its efforts on:



  1. Prioritizing and defining the most prospective gold-bearing structure(s) discovered from this program and defining the most prospective target(s) within the prioritized structure(s) for high grade gold;

  2. Preparing the next phase core drill program for the Big Dam area; and

  3. Preparing a drill program for the Annex area of the property.


Description, Gold-bearing Structures and Alteration Zones


The alteration zones comprise intervals of de-magnetized monzogranite hosting biotite-carbonate alteration and veining with disseminated pyrite-pyrrhotite. These alteration zones envelope thinner intervals of biotite-carbonate shearing that host disseminated to network-textured pyrrhotite-chalcopyrite-pyrite and rare quartz-carbonate-muscovite veins that host coarse pyrrhotite and chalcopyrite. These alteration zones host relatively consistent, albeit low, gold values across the interval.


Subsequent sporadic sericite shear zones cross cut the biotite carbonate alteration and host disseminated arsenopyrite and pyrite. The elevated gold values encountered in the 2019 drill program tend to be associated with these later arsenopyrite-bearing sericitized shears zones.


Figure 1. Proposed location of structures and alteration zones intersected by the 2019 core drill program. Lateral extension of these features is interpreted from a combination of airborne magnetics and ground IP geophysical data.



Table 1. Summary of gold assay highlights from the 2019 drill hole program.



The TPK Property


This gold-silver-copper property, located in northwestern Ontario, contains two large independent mineralized systems. The first gold-bearing area is contained within the Big Dam and New Growth areas of the property and is a laterally extensive mineralized shear system stretching 35km across the southern portion of the property. One of North America's largest gold grain-in-till dispersal aprons extends from this area. Gold grain anomalies of this scale are amalgamated responses from a cluster of gold-bearing zones, normally indicating a large gold system or district rather than a single gold-bearing zone (see Northern Superior Resources press releases, June 24, 2010, February 27, 2018, and November 26, 2018).


The second gold-bearing systemis contained within the Annex area of the property. This system is defined by a gold grain-in-till dispersal corridor. Mineralized boulders collected from within this corridor returned assay values of up to 727 g/t gold, 111 g/t silver, 4.1% copper (see Northern Superior Resources press release, June 25, 2012); and drill results returned grades of up to 4.62 g/t gold over 5.5m (see Northern Superior Resources press releases, June 25 and 26, 2012).


Historic Exploration Highlights, Big Dam Area Include



  1. Discovery and definition of the gold grain-in-till dispersal apron: originally defined as 6km wide, now defined to extend at least 32km east to west across the TPK property;

  2. Discovery of several gold-bearing boulder dispersal trains returning gold assay values of up to 94.21 g/t gold; and

  3. Discovery of significant gold-bearing mineralization: example from the Target 3 area, coarse-grained visible gold in core hole TPK-10-004, returned an assay value of 25.9 g/t gold over 13.5m (see Northern Superior Resources press release, February 27, 2018).


Agreements


Northern Superior owns 100% of the TPK property. Pursuant to an option/joint venture agreement entered into with Yamana Gold Inc. ("Yamana"), the project is operated by Northern Superior. Completion of this core drill program puts Yamana on track to complete the first-year commitment of this option/ joint venture agreement (see Northern Superior Resources press release, November 26, 2018).


Northern Superior works with Neskantaga First Nation through an Early Exploration Benefits Agreement (EEBA) to ensure beneficial engagement for all stakeholders through the early exploration phases completed on the TPK property.


Northern Superior's Annual General Meeting


The Company will be hosting its Annual General Meeting at the Toronto Downtown Sheraton Hotel, 123 Queen Street West, York Room. The meeting will be held on May 22, 2019, and will begin at 4:15pm. Dr. Thomas F. Morris, President and CEO of Northern Superior will provide an overview of the Company's activities and strategy going forward in addition to the formal business of the meeting.


Qualified Person


Jonathan O'Callaghan P.Geo., is a qualified person ("QP") within the meaning of National Instrument 43-101. As the QP for the TPK property, Mr. O'Callaghan has reviewed, and approved information disclosed in this press release.


About Northern Superior Resources Inc.


Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX Venture Exchange under the symbol SUP, and the OTCQB Venture Market under the symbol NSUPF. The Company is currently focused on initiating and executing core drill programs on its 100% owned TPK (northwestern Ontario) and Lac Surprise (Québec) properties. Northern Superior is currently looking to option out its other 100% owned mineral properties in Québec and northwestern Ontario.


For further information please visit the Company's website at www.nsuperior.com or contact:


Thomas F. Morris P.Geo., PhD., FGAC
President and CEO
Tel: (705) 525 ‐0992
Fax: (705) 525 ‐7701
e‐mail: info@nsuperior.com


Cautionary Note Regarding Forward-Looking Statements


This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


SOURCE: Northern Superior Resources Inc.


View source version on accesswire.com:
https://www.accesswire.com/545364/Northern-Superior-Discovers-Gold-Bearing-Structures-Meets-Mandate-of-Winter-Drill-Program-TPK-Mineral-Property-Northwestern-Ontario

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8020Admin

4 months

8020Admin posted a press release 2019 Option Grants in NORTHERN SUPERIOR RESOURCES INC.

SUDBURY, ON / ACCESSWIRE / April 1, 2019 / Northern Superior Resources Inc. (the "Company" or "Northern Superior") (TSXV: SUP) wishes to announce the granting of 1,130,000 incentive stock options to certain directors, officers, employees and consultants of Company. Each option is exercisable at a price of $0.22 per share, for a period of five years, subject to regulatory approval.


About Northern Superior


Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX Venture Exchange under the symbol SUP. For further information contact:


Thomas F. Morris PGeo., PhD., FGAC


President and CEO


Tel: (705) 525 ‐0992


Fax: (705) 525 ‐7701


e‐mail: info@nsuperior.com


www.nsuperior.com


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


SOURCE: Northern Superior Resources Inc

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8020Admin

5 months

8020Admin posted a press release Eric Sprott Announces Holdings in Northern Superior Resources in NORTHERN SUPERIOR RESOURCES INC.

Toronto, Ontario--(Newsfile Corp. - March 4, 2019) - Eric Sprott announces that on March 2, 2019, 40,000,000 common share purchase warrants ("Warrants") of Northern Superior Resources Inc. (held by 2176423 Ontario Ltd., a corporation he beneficially owns) expired unexercised representing approximately 9.1% of the outstanding common shares on a partially diluted basis. Prior to the expiry of these Warrants, Mr. Sprott beneficially owned and controlled 4,000,000 common shares and 40,000,000 Warrants representing approximately 11.4% of the outstanding common shares on a non-diluted basis and approximately 20.5% on a partially diluted basis assuming the exercise of all Warrants.


As a result of the Warrant expiry, Mr. Sprott now beneficially owns and controls 4,000,000 common shares representing approximately 11.4% of the outstanding common shares on a non-diluted basis.


The Warrants expiry resulted in a partially diluted beneficial ownership change of greater than 2% and the filing of an early warning report.


The securities noted above are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities either on the open market or through private acquisitions or sell the securities either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.


Northern Superior is located at 7-1351C Kelly Lake Road, Sudbury, ON P3E 5P5. A copy of the early warning report with respect to the foregoing will appear on Northern Superior's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and may also be obtained by calling Mr. Sprott at (416) 362-7171.


2176423 Ontario Ltd.
200 Bay Street, Suite 2600
Royal Bank Plaza, South Tower
Toronto, Ontario M5J 2J1


To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43200

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8020Admin

5 months

8020Admin posted a press release Northern Superior Unveils 2019 Exploration Plan for Lac Surprise, Quebec in NORTHERN SUPERIOR RESOURCES INC.

SUDBURY, ON / ACCESSWIRE / February 6, 2019 / Northern Superior Resources Inc. ("Northern Superior" or the "Company") (TSXV: SUP; OCTQB: NSUPF), is pleased to unveil its 2019 exploration plan for its 100% owned Lac Surprise property, Québec.


Dr. T.F. Morris, President and CEO of Northern Superior states: "The Lac Surprise property is strategically situated within what is becoming a very active part of the Chapais-Chibougamau exploration camp. This point is emphasized by IAMGOLD's recently disclosed drilling results and announcement of their aggressive 2019 core drill plan on the Nelligan gold JV project. The Nelligan property adjoins the northeastern side of our Lac Surprise property.


Structures and geology associated with the Nelligan gold project extend west onto the Lac Surprise property as defined by various geophysical surveys (public and Company derived), publicly available geological maps, and various prospecting programs completed by Northern Superior (see Northern Superior Resources press releases, January 27, 2014 and June 16, 2017).


Gold showings at Black Phoenix (grab samples ranging from 0.14 g/t gold to 19.9 g/t gold) and Fox (channel samples over 1.0m ranging from 0.084 g/t gold to 2.96 g/t gold, and 0.097 g/t gold to 6.76 g/t gold) (see Northern Superior Resources press release, October 29, 2014) plus three gold grain-in-till and a gold geochemical-in-till dispersal trains clearly demonstrate the opportunity for additional gold mineralization along strike from the Nelligan gold deposit (Figure 1)."


The Lac Surprise Exploration Program


With the funds raised through the recently completed flow-through financing (see Northern Superior Resources press release, December 31, 2018), Northern Superior plans the following two part exploration program:



  1. Ground or Unmanned Aerial Vehicle-Mounted ("UAV") Magnetic Geophysics Survey ($200,000)


This survey is planned to commence mid-Winter, 2019. The survey flight lines will be orientated north-south (0ᵒ or 180ᵒ), 50 metre ("m") spacing, with a single east-west baseline. Elevation is set at 35-40m above sea level. This survey will produce high resolution magnetic data over two broad areas of the Lac Surprise property (Figure 2).


Northern Survey Area:


Includes the Black Phoenix, Fox and Lac Caopatina areas. The survey covers an area of 63.5 square kilometres ("km2") and requires approximately 1294.27 kilometres ("kms") of flight lines to complete.


Southern Survey Area:


Includes the Amber and Tonalite-1 areas. The survey covers an area of 56.3km2 and requires approximately 1136.27kms of flight lines to complete.



  1. Core Drill Program ($800,000)


Data from the UAV program will be integrated with the Lac Surprise geoscientific data base. From this, targets will be selected for core drilling. The focus of the core drill program will be on the northeastern part of the property, through which the structures and deformation corridor associated with the Nelligan property extends. Again, this area includes the Black Phoenix and Fox showings, and the gold grain-in-till and gold geochemical-in-till dispersal trains.


The core drill program is tentatively planned to include approximately 20 drill holes with an average length of approximately 250m, or approximately 5,000m of drilling. The final number of drill holes will be subject to the review of the geoscientific data base.


Qualified Person


Jonathan O'Callaghan P.Geo., is a qualified person ("QP) within the meaning of National Instrument 43-101. As the QP for the TPK property, Mr. O'Callaghan has approved information disclosed in this press release.


About Northern Superior Resources Inc.


Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX Venture Exchange under the symbol SUP, and the OTCQB Venture Market under the symbol NSUPF. The Company is currently focused on initiating and executing core drill programs on its 100% owned TPK (northwestern Ontario) and Lac Surprise (Québec) properties. Northern Superior is currently looking to option out its other 100% owned mineral properties in Québec and northwestern Ontario.


For further information please visit the Company's website at www.nsuperior.com or contact:


Thomas F. Morris P.Geo., PhD., FGAC


President and CEO


Tel: (705) 525 ‐0992


Fax: (705) 525 ‐7701


e‐mail: info@nsuperior.com, www.nsuperior.com


 


Cautionary Note Regarding Forward-Looking Statements


This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.



Figure 1. Location of the Lac Surprise property relative to the Nelligan gold property. See text for details. (To view the full-size image, please click here)



Figure 2. Location of the northern and southern UAV panels. See text for details. (To view the full-size image, please click here)



Figure 3. Location, various showings, Lac Surprise property. See text for details. (To view the full-size image, please click here)


SOURCE: Northern Superior Resources Inc.

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8020Admin

6 months

8020Admin posted a press release Northern Superior Discovers New Showings, Wapistan Property, Quebec in NORTHERN SUPERIOR RESOURCES INC.

 


SUDBURY, ON / ACCESSWIRE / January 29, 2019 / Northern Superior Resources Inc. ("Northern Superior" or the "Company") (TSXV: SUP), is pleased to report on exploration results from its 2018 Fall exploration program on its 100% owned Wapistan property, James Bay Lowlands, Québec.


Read more:  https://quotemedia.com/portal/quote/?qm_symbol=SUP%3ACC&qmodStoryID=6679618543548696 

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8020Admin

6 months

8020Admin posted a press release Northern Superior Resources Inc. Provides Outlook for 2019 in NORTHERN SUPERIOR RESOURCES INC.

SUDBURY, ON / ACCESSWIRE / January 16, 2019 / Dr. T.F. Morris, President and CEO of Northern Superior Resources Inc. (SUP: TSX-V; NSUPF: OCTQB) ("Northern Superior" or the "Company") provides the following update and outlook for 2019.


The Company completed several important, corporate-related events at the end of 2018 and early 2019, most notably:



  1. completion of an option/joint venture agreement with Yamana Gold Inc., on Northern Superior's 100% owned Ti-pa-haa-kaa-ning ("TPK") property (see press release, Northern Superior Resources , November 26, 2018);

  2. closing of a $1 million, non-brokered, flow-through private placement (see press release, Northern Superior Resources, December 31, 2018); and

  3. completion of a 10:1 share consolidation (see press release, Northern Superior Resources, January 3, 2019).


With the completion of these events, Northern Superior is now positioned to launch into an exciting and important year.


The completion of the Yamana Gold Inc. option/joint venture agreement assures that the Company now has a well-funded and reputable partner to move its TPK project forward. Planning for the drill core program is almost complete, and we look forward to the initiation of this program in mid-February, 2019.


The recently completed financing will allow us to further deveop our Lac Surprise property and hopefully demonstrate the extension of the gold-bearing structures reported on the adjoining Nelligan property controlled by IAMGOLD Corporation ("IAMGOLD") and Vanstar Resources (see IAMGOLD press release, January 10, 2019).


In addition, our Croteau Est property has proved to be a very important asset to Northern Superior with:



  1. a defined resource from a minimum number of core drill holes (64) and meterage completed (20,643m);

  2. results from additional drilling (24 holes; 14,404m) provided a geologically constrained model for the deposit and defined how to expand the deposit both along strike (east and west) and depth; and

  3. additional opportunities defined on the property (see press release, Northern Superior Resources, May 23, 2018).


To advance Croteau Est, a sustained drill program is required, and Northern Superior is actively pursuing a strategic partner to assist in advancing this property to its full potential.


Finally, the Company has a number of other mineral properties, and Northern Superior is actively exploring ways to advance these opportunities. One such property is the Wapistan mineral property, located within the James Bay Lowlands of Québec (see press release, Northern Superior Resources, May 16, 2017). We look forward to reporting on the results from a small, but important exploration program, completed on this property in the fall of 2018.


In conclusion, with the anticipation of a rising gold price through 2019, the ability to move key assets forward in early 2019, Northern Superior looks forward to sharing the results of these exploration efforts throughout 2019!"


About Northern Superior


Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX Venture Exchange under the symbol SUP, and the OTCQB Venture Market under the symbol NSUPF.


For further information please visit the Company's website atwww.nsuperior.com or contact:


Thomas F. Morris P.Geo., PhD., FGAC, ICD.D President and CEO
Tel: (705) 525 -0992
Fax: (705) 525 -7701
e-mail: info@nsuperior.com
www.nsuperior.com


Cautionary Note Regarding Forward-Looking Statements


This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words" may"," would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with them in ingindustry, the price of gold and other metals, currency and interestrate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.


SOURCE: Northern Superior Resources Inc.

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